Nuvve Provides Second Quarter 2023 Financial Update

About this update from Nuvve Holding Corp.

[{"type":"text","content":"Investor Conference Call to be Held Today at 5:00 PM Eastern Time (2:00 PM PT) \nSAN DIEGO, Aug. 10, 2023 /PRNewswire/ -- Nuvve Holding Corp. (Nuvve) (Nasdaq: NVVE), a green energy technology company that provides a globally-available, commercial vehicle-to-grid (V2G) technology platform that enables electric vehicle (EV) batteries to store and resell unused energy back to the local electric grid and provides other grid services, today provided a second quarter 2023 update. \n\n \n \n \n \n \n \n\n \n Second Quarter Highlights\nIntroduced Astrea AI forecasting into the Nordic energy market to optimize revenue generation from ancillary market servicesLaunched Nuvve K-12, a new division focused on turnkey electrification services for student transportation, and hired new team to build out the programSecured Nuvve's largest DC Fast Charger order to-date with 25 bi-directional DC Rapid HD Charging Stations for a member of Beacon Mobility in MassachusettsReduced cash operating costs in second quarter 2023 to $7.3 million compared $8.3 million in second quarter 2022Megawatts under management increased 9.0% to 20 megawatts as of June 30, 2023 compared to 18.3 megawatts on March 31, 2023; backlog increased to $6.1 million at June 30, 2023 from $4.2 million on March 31, 2023Cash and cash equivalents of $11.1 million as of June 30, 2023Management Discussion\nGregory Poilasne, Chief Executive Officer of Nuvve, said, \"We are pleased to have achieved record orders for our DC Fast Chargers during the second quarter of 2023 – the second quarter in a row of record orders for Nuvve – driving a significant increase in our backlog. We came into 2023 with optimism that this year would mark an inflection point for our company, and so far, results across a variety of metrics have supported our optimism. Beyond our results, we have seen a significant increase in interest in our technology and our IP as well as our integrated solution. For example, we began to integrate our Astrea AI capabilities into our product offering, further enhancing the benefits we offer our end users. We also established Nuvve K-12, a dedicated division for school bus fleet electrification, to help customers cross the finish-line and successfully initiate what look to be increasingly bigger fleet electrification programs. Overall, visibility is gradually improving, and we exp...

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